28 C
Lagos
Thursday, July 9, 2020
Subscribe to News360 Info by Email
Home Energy FG removes petrol price cap, gives marketers freedom to fix price

FG removes petrol price cap, gives marketers freedom to fix price

The Petroleum Products Pricing Regulatory Agency, PPPRA, has removed the cap on the price of Premium Motor Spirit (PMS), also known as petrol, giving marketers the freedom to fix the price of the commodity and sell above the price stipulated by it.

In a statement titled, ‘Market Based Pricing Regime for Premium Motor Spirit (PMS) Regulations, 2020,’ and released today June 4, the PPPRA said that henceforth, the price of PMS would be determined by market forces.

Executive Secretary of PPPRA, Abdulkadir Saidu who released the statement, said the agency would continue to monitor trends in the crude oil market and advise the Nigerian National Petroleum Corporation (NNPC) and oil marketers on the monthly guiding price for the commodity.

The statement in part reads

“In exercise of the powers conferred on it by Sections 7 and 24 at the Petroleum Products Pricing Regulatory Agency (Establishment) Act. No. 8 of 2003, and all other powers enabling it in that behalf, the Petroleum Product Pricing Regulatory Agency (The Agency), with the approval of the President hereby makes the following Regulation: ”Short title: Market Based Pricing Regime for Premium Motor Spirit (PMS) using the Pricing Template of the Petroleum Products Pricing Regulatory Agency.

The price cap per liter in respect of Premium Motor Spirit (PMS) is removed from the commencement of these Regulations.

From the commencement of these Regulations, a market-based pricing regime for Premium Motor Saint (PMS) shall take effect. The Agency shall monitor market trends and advise the NNPC and oil marketing companies on the monthly guiding Market-Based Price.

The price of Premium Motor Spirit (PMS) advised by the Agency shall be guiding retail price at which the product shall be sold across the country. This regulation may be cited as the Premium Motor Spirit (PMS) Market Based Pricing Regime Regulations, 2020, made this 20th day of March 2020.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisment -

Most Popular

Robbers who killed six policemen, took millions in Ekiti, Ondo banks hits arrested

Seven of the robbers who killed six policemen and civilians in robbery attacks on banks in Ekiti and Ondo States in 2019...

How Magu went rogue and harassed Abdulsalami, Danjuma

Olusegun Adeniyi, chairman of THISDAY editorial board, has revealed how Ibrahim Magu, suspended chairman of the Economic and Financial Crimes Commission (EFCC),...

Popular Ondo doctor dies of COVID-19 as staff of governor’s wife contract virus

The doctor was said to have been battling underlying illness before he contracted the deadly virus. A popular...

Osinbajo Writes IGP, Wants ‘False’ Allegations Linking Him To Magu ‘Funds’ Investigated

The report claimed that unnamed sources within the panel investigating the suspended EFCC boss “exposed the vice president’s involvement in the scandal.”

Recent Comments